To carry out the fraud and trick those who bid for it at Deutsch Auctioneers, it was enough to damage the painting, so as to give the canvas an aged appearance. But this is far from the only act of fraud in the art business: scammers benefit from a market that has ‘a lot of money and little judgment’
After reaching a peak in late 2021 of close to $2.9 billion, sales of art-related NFTs fell to under $1.5 billion in 2022, according to an Art Basel and UBS Global Art Market report
Online art auctions become safe haven asset among Spanish millionaires during pandemic
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However,
one of the sectors that has managed to reinvent itself during the pandemic, and which is not always suitable for all budgets, has been the art sector, moving fairs, auctions, and galleries to the online environment.
With the confinements and the increase of mobility restrictions, plans were reduced and so were the investment options, so
many people with high purchasing power decided to jump into the world of buying luxury works online.
the number of millionaires fell by about 56,000 in 2020, while billionaires decreased by 0.06%.
With so much money, why not invest it in luxurious and ostentatious works of art?